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This Has Never Happened To Gold Before
For the first time since records began, hedge funds are net short gold futures, according to CFTC data...
This is what happened the last time gold saw a 'low' net long position...
Is this why Gold is spiking this afternoon?
Squeeze...
Charts: Bloomberg
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Way I understand, they settle at a high premium.
Not sure I believe that, but stranger things happen every day.
Gold is on sale right now.Couldn't care less if all the currencies get devalued.They will all take the easy way out which is by creating hyperinflation one day.I just keep saving a little gold at a time.It is insurance on my assets and an alternative currency outside of the over printed fiat paper system.You can only print gold in Chicago.Everything goes in cycles.Don't forget one thing,lowly financial mouthpieces can bad mouth gold all they want but there's a number of good reasons why all the big central banks who are the big players keep accumulating.Funny that Germany and others are desperate to get all their gold back home.Do they smell a skunk?You bet.And one thing is certain,you won't get the U.S. to sell off their hoard of over 8,000 tonnes,they're still number one until China comes clean,besides the IMF.
You can apply that analogy/comment to Venezuela and Argentina; if those people had their saving in metals, they would be so far better of with the hyperinflation they are experiencing.
Lol only hedge funds can be this stupid, what were they doing all the time when gold was at climax uptrend? Shorting here, at the multi-year low? Not to mention close to the producers margin cost? I thought one make money buying low and selling high lol, hedge funds are DUMBest money one can be, not smart.
Did somebody just find out how to get all the gold out of the oceans?
We're bred and born to dig and stack.
Ea couldn't do it so we certainly can't.
Melvin, I love your post. Yes! They are deep sea gold prospecting and mining giant solid gold asteroids in space, and soon there will be an unlimited supply of $500 an oz gold for everyone!
(Even though the "all in" cost for just digging a hole in dirt, on dry land to find gold and then having it refined is $1000 an oz)
People just don't understand how cheap deep sea diggin', space travel, transport and refining has really become in the last few years. Pretty soon kids will be doing it at summer camp!
Maybe they discovered that the land under Antarctica is primarily Gold. And then there is always that risk of a golden meteor shower about to hit the earth!
Athur C Clarke.
This just marks the start. It will be a while, but I am not selling a fucking ounce. I now know the writing is on the wall for this bullshit!
LLoyd, can I borrow some gold?
Why, Jamie?
I gotta feed the family.
You bought paper, didn't you? I told you to buy fizz.
I was lazy. It was easier to order it at the terminal.
Well, fuck you. I can spare some lox.
I want some shiny yellow metal that is almost useless. Then I want a pet rock. Then I want a Jeb Bush for President button.
OK you've used all three of your wishes, now hand me the lamp!
You use such incredibly good logic. I'm sure everyone here at ZH will run out and sell their gold.
No Shit!! Since (even BEFORE) Lehman!! wow,
Crush to shorts... make them pay...
Anyone notice that it is a longer way up than down.
Stairs up, elevator down.
I thought we were playing Chutes & Ladders.
Fortress Investment Group was on the wrong side of the Swiss Franc. Boo-fucking-hoo. Run by idiots.
LOL and Greece just signed on with Israel in a big military deal .... Change you can believe in
things that make you go hmmm...
Theory about Tsipras on the side of the banksters now has empirical evidence.
http://aanirfan.blogspot.com/2015/07/greece-israel-military-deal.html
Hi Fella's I called the 19-07-15 smash down and have been calling the big gold hits for years here http://forums.silverstackers.com/topic-40486-possible-new-low-s-tug-of-w...
You can check it out as it is all legit at @vernonkelliott ( my twitter ) You will quickly see I am followed by multi millionares and even billionares - these guys dont follow just anybody.
You wont hear the other....cough gold experts shouting out my links from rooftops for obvious reasons.
Get informed and follow my links. I have called the upside so get reading some REAL useful info on gold.
Cheers
Vern
ps, people who thumbs down this have either not bothered to research me as above or they have a vested interest in not wanting me to look good while they look like idiots for giving out the wrong forcasts time after time, when I have been correct to the dollar time after time! Before voting take a good look. 2 shills or dipshits so far, dont let them make you miss an opportunity of a lifetime.
So what do you see gold and silver going down to? What about the paper version?
All the information and predictions I want to give for FREE are already on my links and there is a lot of them there.
If large investors or syndicates want all my predictions they will know what to do - ( follow / contact me on twitter )
Give me the match to light the paper and bring this house of cards down.
And you been at this for 3 weeks fella? Tramping your butt here like the "i make 5 billion an hour on the internet" crowd.
WOW THANK YOU SO MUCH FOR ALLOWING US TO BASK IN YOUR PRESCENCE!!
While POG falls so does the GLD inventory...now down to about half of what it was at it's peak...at 680 now.
Last time there were only 680 tons of gold in GLD the price was $689.
The banks have very little physical left in a world in which one can buy an ounce for $1100. This situation should make those with large amounts of paper promises nervous.
The paper gold market only works while physical can actually be delivered at the stated price. China has admitted they were unable to get all the gold they wanted...BECAUSE THE MARKET WAS TOO SMALL....translation..If China had tried to buy the 8500 tons it has stated it wants it would have had to ruin the gold market. Apparently they were not ready to take that kind of heat. In a panic however someone will.
If gold was really worth only $1100 then one Bill Gates could buy all of GLD. The problem is that it is only $1100 until it gets bid. Once bidding starts in a panic it shoots up to it's real price in a big hurry.
This will only make sense to most when it is over.
Get your gold NOW. Ask silly questions later.
In the Dark Ages, alchemists tried to turn lead into gold.
In the new Dark Ages bankers try to turn gold into paper.
It's a funny old world.
Too bad the alchemists in the Dark Ages didn't know about nuclear fusion.
Dumb money. This is what it took to get a reversal today.
lol hedge funds. Notice how the highest net positive position was in 2011, right at the absolute peak? Fucking retards.
Time for the all time, LC-invented Favourite:
"We've drilled too deep, men! It's gonna Blow! Run!"
...Happy is the tomb where no wizard hath lain and happy the town at night whose wizards are all ashes. For it is of old rumour that the soul of the devil-bought hastes not from his charnel clay, but fats and instructs the very worm that gnaws, till out of corruption, horrid life springs, and the dull scavengers of earth wax crafty to vex it and swell monstrous to plague it. Great holes secretly are digged where earth’s pores ought to suffice, and things have learnt to walk that ought to crawl....
Lovecraft
Has anyone seen zombie blood yet? Keep stacking. Almost time for yet another boating accident. I just never learn, LOL.
Proof that the five year low in gold is a fraud:
http://www.sprottmoney.com/blog/proof-the-five-year-low-for-gold-is-a-fr...
That entire article is a bunch of bullshit.
I'm not going to go through the entire article, but here's the first example.
"In fact, gold demand has been so rabid in India (the world’s largest gold market) that the government was forced (blackmailed?) into a temporary embargo on gold imports."
India did that becasue they were critically short of FOREX reserves and importing gold requires hard currency, which they didn't have. They needed the reserves for OIL, not gold.
The rest of the article is similarly full of BS.
But of course, it strokes the target audience the right way. Go lap it up.
"India did that becasue they were critically short of FOREX reserves and importing gold requires hard currency, which they didn't have."
So now you probably think that gold is not a FOREX reserve. And your "hard currency" is what exactly? Fucking digital. Yea I thought so. You are a complete idiot.
I'm pretty sure that the Bank of International Settlements recognizes gold as a tier one reserve, convertible to SDR's.
India did not need paper to buy oil. India was buying Iranian oil with gold via Turkey as documented, right here on ZH.
Seems like India is looking for ways to either supply gold to the world markets: http://in.reuters.com/article/2015/05/19/india-gold-deposit-bank-interes...
or, keep its market from sopping up too much of the world market's available supply:http://in.reuters.com/article/2013/08/14/india-gold-imports-idINDEE97D0A...
Yeah I've seen that too. So Indians will deposit their money in a bank and receive interest? WHOA I thought gold just sat there and never pays interest? So now Indians will be paid interest in gold? No it will be devaluing rupees. OK so the bank gets their gold and sells it to the jewelers who sell it back to them again. Rinse and repeat. No gold in the bank when there's a run on the bank. Now Indians have centuries of mistrust of banks and currencies. Will they really be that stupid?
Makes me wonder if rather than selling it to domestic jewelers, they'll "lease" or sell it to the Western Bullion Banks for a premium. These banks may have approached them about setting up such an arrangement.
Yeah, hopefully the Indian populace won't be gullible enough to go this route.
I was married to an Indian for 18 years and know the culture. They are not that gullible.
Good to hear,maybe they won't end up like the Germans.
Uhh, importing gold for CENTRAL BANK RESERVES requires FOREX reserves. Joe Shmoe pays for it with his own money. Sure, having a bunch of rupees floating around in international markets might drive down the price, and the government would have to intervene if it wanted to prop the rupee, but since when did central banks not want their currency to be worth less?
Thank you for proving to the world you are a moron.
The rupee is a closed currency, and it's illegal to take it out of the country. That means it's not (easily) convertable.
Sure Joe Singh might get a little out of the country and exchange it for dollars to someone going to India. But where do you think they get BILLIONS of dollars to buy hundreds of tonnes of gold?
"India did that becasue they were critically short of FOREX reserves and importing gold requires hard currency, which they didn't have. They needed the reserves for OIL, not gold."
That will change in the very near future. See this Pepe Escobar's article. They will be able to buy Russian and Iranian oil for rupees.
Jeff Nielsen is a confirmed silver/gold believer. for my little part I said on his own site a few years back that gold would likely nose-dive...said below $1000. I did not have many fans.
I think believing in his reasoning will work in the longer run. But I do not think the final smack is here yet.
Better to be right, than to have fans.
Im telling you.. I sleep so much better knowing I have actual physical bullion sitting in my vault, When its on sale like the past few days I buy more, get it delivered and stack stack stack!!! If it goes lower I just buy more and keep on stacking,,, why because we all know that in 5 years time,,, we will be saying why the fuck didnt we buy when it was so fucking cheap..
www.teamramgold.com
contact us today about our affiliate programme if you dont have the trash cash to buy; use the referral commissions to get your bullion.
$60 for a gram?
No thanks
There are 31.1 gms of gold in a troy oz.
Then there's the 10% haircut for 22k. Paying over $200 premium above spot
Just buy some bullion and dress like Isaac Hayes
I have an Indian jeweler who gives me discounts on selected 22k jewelry at $40/gram. Passes through airports in plain sight.
I don't quite get how fair, honest price discovery in gold (and silver) -- *now*, today -- would blow up the world or set it on fire, or lead to a "Mad Max"- "warriors of the wasteland" scenario. I don't see how a few bank failures would do it either.
Gold was close to $2,000 once, and silver right at $50 at the same time.
Banks were still open. ATMs still worked. EBT cards still worked. The planet kept turning. Planes didn't fall out of the sky (any more than they always had). The electrical grid didn't go down. There was no more violent street crime than usual.
Granted, that price situation was very brief. *Someone* didn't like it and made sure to put an end to it.
By the way, has anyone positively identified this past week's Great Not-For-Profit Seller yet? How hard of a detective job is that? Is there no paper trail to follow? Might we not just ask, "Qui bono?" ("Who benefits?")
You're right as long as CME controls margin requirements.
If you can't hold it you don't own it..!
I keep forgetting...what I have to say is so much more important than what others have to say that I must use 'reply' to keep my words on page one....otherwise I'll be pushed to page 3 (again) and many will never perservere til they get to my wiz dumb.
Just jump in behind Chumbles or me, its open ;-)
You can flip it around so newest comments come first.
I noticed with interest early today that as PMs were crashing, bitcoin was spiking.
I must have missed it in the news...I've been busy this week.
Did the fed stop printing trillions of dollars and the Euro and yen mess got fixed? The derivative bond market? Or was it because Obama saved the world from nuclear war with Iran? Everything is awesome again...whew that's a relief.
What you may have missed because it goes unreported, is all the 'assets' that must be written down because they are loans that will never get paid back. Thus, money is disappearing from the supply.
btfd
can't be said enough.
By the dip when it dips below $800 an ounce you mean.
Are you buying the current shitcoin dip?
Substantial dip: Buy NUGT
Substantial rise: Buy DUST
But you had best have an abundance of fortitude.
I'm buying gold... on a 21 month 0% credit card!
I didn't think any dealers allow purchase on credit. If they did, I would rack up some crazy fucking miles...
Just checked two dealers that accept credit cards. Both charge around 6-7% over spot for cc purchases. Doesn't make much sense.
All dealers charge over spot, cc or not. It's called a premium. It's how they earn money.
Yes, but the premium for credit card purchases are typically 3% to 5% higher than premiums for the same products bought with cash, check or bank wire.
Buy something else, then sell for cash, then buy gold
Agreed. All metals/bullion dealers charge 3-4% when a CC is used.
Well, things are looking pretty good for those who want to buy gold right now. Yeah, so it could go down to 1000 or even below, or up to 1200 or above. So what? It's not like if it swings by 100 bucks either way it will make a difference to the true stackers.
BTFD and STFU.
It could certainly go lower, but looking at the charts an individual, without manipulation powers, wouldn't be wise to jump on the wagon at this point. Just as it can get ridiculously high, it can get ridiculously low. There's been a lot of stacking going on, I wouldn't be surprised if big$ is behind this drive to get that gold out of people's hands. It's finally reached a level of seriousness that something had to be done about it. Hard to beat shit created out of thin air, especially when everyone still accepts it as payment.
I forget. How is a short position unwound?
Good point but remember those in power can, and have used that power...
Consider 1980 during the "silver crisis:"
"On Friday, January 18, 1980, the price of silver rose above $50. This was a level never seen before, or since. Early the next week, the exchanges took a drastic step, limiting trading to liquidation. The Hunts could no longer continue buying. Silver's price dropped to around $35 in late January."
What I'm saying is that in times of a real crisis all sorts of rules change. Rationality can be quite elastic.
Your gold and silver is legal tender...if you want to get a shot of whiskey at the O.K. Corral. Bwahahahahaha!!!
Just make sure that Billy The Kid doesn't see you pulling out those gold coins or else there will be some hootin' and a hollerin'! Bang! Bang! Pew! Pew!
Hahahahaha!!!
go away
Try using your bitcoin when the internet is down.
Try using gold when you're surrounded by millions of starving FSA zombies.
To me, gold is just a long term gamble that it will be worth something (perhaps a lot) in the future when the next paradigm replaces the current one.
So let me get this straight: Bitcoin, which has only been around for a few years and isn't widely accepted by anyone as money is the "smart" play while, at the same time, gold -- with 5000 years of history behind it -- is a "long-term gamble." Okay ... If you say so.
Hitler got rid of interest on loans a year after elected. Now I know why they wanted war.
Once their deck is stacked, they will over-play the hyperinflation card and trick everyone into buying. Then they will unload once everyone believes they got to get in. Sure it is painful if you are over-weight. But who the fuck cares about pain. They make money by making people hurt so much that they get to you to join and quit at all the wrong times.
More charts that say gold "should" be moonshotting tomorrow.
Gold will shoot out the lights the same day that the unwashed in the west realize that big daddy .gov isn't there to help them. When they FINALLY realize that big daddy.gov wants to grind their bones to make its flour we will get our moonshot. NOT before. Until then you will have to watch the U.S. toilet paper rise on the "safe haven" bid. Ironically its not not even tp as 95% of currency is just bits and bites on a computer screen
Digits or not .... if I am waiting for digits from my FDIC bank to pay digits for my mortgage owed to a different FDIC bank .... they are not taking my property while they get this shit figured out ....
non commercials are net long on gold (+ 23 568) if you look at the bigger picture (futures + options)
We will go below 900, easy. Gold always drops during deflation and a strong dollar. Both are happening and will get worse.
If it was that easy we would be there already. We couldl go to 1400 just as easy. It is fucking crap shoot on a speculative metal. There is no fucking way that you can call this with certainty.
Whereever it will go. It'll be a gram today and it will be a gram tomorrow. And no central bank of the world can just say: "There be 1 000 000 t mor Gold". They are not even able to say "there should be 1 gram of bread more" , but it's easy for the central banks: "Here you got your 1 trillion USD note" or they just enter a number in a computer an it will be what? Exacly more promies, and the people still do believie into this "promises" and so they give to those near the new money and take from those more far away from the "new money"....
The standard procedure explained in 2008 was this ...
The fed prints money to save the economy
Gold goes up
the stock market tops
markets pop
the economy tanks
deflation occurs
gold drops
the fed prints trillions to save the economy
hyper inflation occurs
gold skyrockets.
Everything is on schedule.
I, for one, hope that central banks can keep balancing all the spinning plates. I have an appreciating house that I paid cash for in 08, a private sector job that pays well and a hot S american wife who likes to enjoy life. But If it all crashed I have a set of GPS coordinates and another country to bail us out.
You are aware that your GPS coordinates won't mean a thing when TPTB turn Selective Availability (SA) back on, right?
You can rest assured that I have no dependance on TPTB when treasure hunting.
I've had a GPS show me on dry land while under sail.
Civilian GPS is at the courtesy of the US military. All they have to do is turn SA back ON, and voila! Your GPS is DEAD.
Good luck with that.
Maybe you didn't read my second sentence? Do you think that it implies confidence in GPS? Do you know what a hand bearing compass and a sextant are and how to use them? I do.
People with your attitude allowed this country to be hi-jacked. Too bad your hot wife is like most (not ALL) American women; not too bright....and VERY, VERY shallow...
In other news the miners look like they are coping well with lower prices.
http://news.sky.com/story/1524558/anglo-american-to-cut-6000-jobs-as-pro...
http://news.sky.com/story/1524237/lonmin-to-extend-job-cuts-amid-platinu...
http://albainternazionale.blogspot.it/2015/07/attacco-terroristico-in-tu...
Suruc Attack ... Updates
I have a cupboard full of knives, I see no sense in trying to catch new ones falling from store shelves.
ZH has nerve to write this while this AM there are 3-4 article questioning gold drop while repeatedly only publishing bearish articles on oil.....then ask who is dishonest.......only those asset classes ZH is long are manipulated and are unjustly dumped?
I can see you are in need of an education. If not then go on believing what you want.
http://gata.org/node/15506
http://www.zerohedge.com/news/2015-07-04/why-did-citigroups-precious-met...
And I think that when you've read enough ZH you will see that the opinion is that "There are no markets, only interventions"
New title: "This has never happened to hedge funds before"
And i ask what happened when oil was 50% below its FCF point? Idiot bias here is absurd.
Does anyone have serious thoughts about European gold coins? France Roosters etc?
Thanks,
Destrier
LoL! What you people seem to be missing is that if the SHTF, I mean really hits the fan, Money, in any shape or form will be useless.
Try to offer me a piece of rock for that deer hanging upside down off the tree in my back yard and I will just laugh at you.
Now if you have some nice warm clothing or rain gear or want to split some firewood for a chunk of meat, maybe we can talk.
You peaple are thinking too much like city rats because you think if you have money you can buy what you need. LoL!
Money will be useless. Humans are just animals, whens the last time you saw an animal that needed money to survive.
Monkey's is all we are, sophisticated monkeys but still Monkey's.
Don't let your animal instincts fade to far away by depending only on money and you will survive anything.
http://www.survivalmd.com/vsl/index.php
Wrong... life will go on as it always has... financial institutions will be crippled, and banks will be closed. The system will have meeting after meeting to figure out how to get things working again.
...but cows will eat grass, farmers will continue to produce food and most people will try to live their lives as best as they can.
What gold provides is a store of value, regardless if its able to be used imidietaly, even in a rebooted economy it will eventually find a new price in the new currency and those of us who stacked will be able to transfer back our wealth.
As for those who didn't and who had their savings in the old economy, well you will get a sholder shrug from your banker, and an excuse like the one before, "who could of seen this coming? Don't worry the new system is much better."
Now it doesnt have to be gold, physical assets of all sorts are preferable to fiat. So if you don't like gold, you can stock up on anything useful that will have some trade value.
(quote) Now it doesnt have to be gold, physical assets of all sorts are preferable to fiat. So if you don't like gold, you can stock up on anything useful that will have some trade value. (/quote)
Whiskey and Cigs, the new money in 2016-2050
I agree with almost everything you said except for the "farmers will keep growing food" part. Being completely dependent on government largesse, debt and global resources, most of those large corporate farmers would be out of business. However, the local farming population will explode. The seeds are already planted and when people like me can work through the "organic" BS to see that it is about cost per unit of nutrition, local is the only way to go.
The local movement is growing fast as it is despite the strong opposition of local cities and towns. Need will make them essential and a lot of us will be more than willing to be part of it. Traditional wholisitic farming takes on a whole new meaning when you need the food. (All of my grandparents and my mother were farmers and I spent a few summer weeks on the family farm as a child.)
Yes, farmers will continue to farm but without enough diesel there wont be enough food for their animals or people. As far as the farmer taking gold for a cow, the cow may be worth much more than you will want to or be able to pay. IMHO.
Yep. That cow could be worth 10 to 20 oz of gold. Don't want to pay that much? See if someone else will sell you what you want.
That's the problem during a collapse or "event". The sellers set the rules.
Too many people think that just because they paid $1000/oz for gold, that's what it's worth after a collapse. Then answer is, "it depends". If a collapse is local, then a worldwide market will still exist for your gold, and you will get a good price.
However if a collapse is worldwide, then your gold will be nearly worthless.
Ok, ya got your cow and whoa! you know how to dress it properly.
Now what? Hold a big party? Your freezer and fridge stopped working long ago...
Long salt!
It can be canned.
The problem with your scenario is that unless you have a continuing source of income/revenue during a collapse, you won't have any gold left.
If you can't provide ongoing goods or services to earn "money" during a collapse, you need to turn to your reserves.
That's why I don't advocate holding PMs, but instead things that will provide a continuing source of income (in whatever form) during a collapse. In other words, you will end up giving me your gold for things you need. And I will happily accept your gold, for pennies on the dollar. Because it won't be worth anything to me either, until WELL afterwards.
Or at least as long as diesel fuel continues to be produced.
Most farms are big debt wheels, just like every other business.
You miss the point. Once you have those basic needs covered what do you do with extra income? 401k? LOL
I'm sure that when the world catches fire and spins off into space Wal*Street will steal my 401 before we crash into the sun, thinking they can buy their way out of it.
There are 330 MILLION Americans, 30 million deer. Good luck finding a deer after a couple untie post SHTF.
[quote] There are 330 MILLION Americans, 30 million deer. Good luck finding a deer after a couple untie post SHTF.[/quote]
There isn't 330 million people here. More like 3000. And the Fish and Game control the population and the hunting licenses. We are allowed 2 deer and if you draw a ticket, 1 moose per year. I recon, that there will be enough around to last me awhile. At least until the money changers come up with a new scam.
Fish and game control will be irrelevant.
There will still be lots of cattle (90 million), pigs (70 million), chickens (9 billion a year). And it will be the owners/farmers who decide what your hunk of metal is worth. Want an entire cow? 10 or 20oz of gold might be appropriate. Don't like the price? Raise your own cattle.
Want gasoline? 1 or 2oz of silver per gallon.
The people with gold or silver are the buyers. It's the sellers that set the price. Don't like the price? Shop elsewhere.
The "owners/farmers" better be well stocked with good guns and ammo. And I'm not talking about 12 gauge shotguns. I'm talking about the kind that will reach out and touch someone from 1/2 mile away.
Good luck protecting the people on the farm, let alone the cattle on the range.
The more you have, the more you have to lose, and the bigger must your army be.
One of my rifles is sighted in (zeroed) at 1,000 metres, which is 0.62 miles, and regularly shoot out to a mile (1,600 metres)
You should realize that in many parts of the world, protecting your crops and lifestock from "hordes" is a daily job, and not overly difficult.
You wrote: "...after a couple untie..." Seriously asked: what does this mean?
I agree though, deer are no answer. There are 1.34 million in NH, and about 80k deer. With an average edible dressed meat yield of 75lbs this means that if all deer in NH (my state which has lots of deer) were killed and distributed to all the population each person would get about 4.6bs.
Now with a .22, squirrels and Canada geese (if one knows where to hunt them) may offer a better alternative.
A better one is to have a hen house with 50 birds, but make sure you have half a ton of feed stored under nitrogen. Even this will only make enough protein to feed one person (200lbs/year production).
If the shtf occurs most will starve, many much faster than one would expect.
And a good fly rod with plenty of Hornburgs and Prince Nymphs. :)
Shorting gold? Definitately not a hysterical Wall Street mania. It is different this time. They logically reasoned that the basic historical building block of global finance would not do well in a total global economic implosion because the Fed doesn't want it to. And they all did it, at the same time, on leverage.
A falling knife is a bitch to catch.
Oh, but what an amazing thrill it is when you pull it off.
I love the smell of paper gold burning.
hedge-fund billionaires don't become billionaires buying Brooklyn bridges, " paper gold" and holding forever, they sell it to the next sucker, their selling their Brooklyn bridges now for physical gold,
Question boils down to who will eventually win the battle?The physical gold exchanges around the globe or the paper exchanges in NY and Chicago.My guess is that eventually the physical will be eaten up by demand from the far east and elsewhere and the dirt cheap global mining shares also need to be bought out for pennies on the dollar.We'll gradually see the paper gold price capitulate in one final act of trying to kill physical demand which just increases as the hard stuff goes "on sale" during the end of the cycle.What it will finally take is a single or series of major acts of randomness around the globe that we still don't see but could be near.